The three major U.S. indexes ended the week with gains of more than 1%, even though stocks mostly drifted Friday.

Gross domestic product -- a broad measure of what the economy produces -- increased in the first quarter but fell short of what economists expected.

That reading is the latest sign of what many investors see as a directionless economy that the Federal Reserve can't quite resuscitate. The Fed continues pumping billions of dollars a month into bonds and mortgage-backed securities to fuel the economy, but has seen lackluster results.

Shares of Expedia(EXPE) were the biggest drag on the Nasdaq. The online travel site lowered its guidance for the year, blaming a slowdown in hotel reservations.

In other corporate news, shares of J.C. Penney(JCP) surged after hedge fund mogul George Soros said late Thursday that he had taken a 7.9% stake in the ailing retailer. CNBC also reported that Goldman Sachs had secured $1.75 billion in financing for the company.

The Nikkei lost 0.3% after the Bank of Japan said it would maintain its stimulus program. A separate report showed prices fell 0.5% last month in Japan, underscoring the monumental task facing policymakers as they attempt to reverse 15 years of deflation.